Peter Howard Wertheim
OGJ Correspondent

RIO DE JANEIRO, Feb. 23 -- Ecuador will rejoin the Organization of Petroleum Exporting Countries in the second quarter of this year, Energy Minister Alberto Acosta said.

Ecuador, South America's fifth largest oil producer, quit OPEC in 1992. It exports about 70% of its oil production, which late last year was 516,000 b/d.

Acosta called Ecuador's withdrawal from the group a "mistake" and said belonging to the organization would bring "numerous benefits such as controlling the price of crude."